[YS Exclusive] Why Naganand Doraswamy is betting on AI startup Worxogo; Foodpanda on cloud nine with internet restaurant Holachef acquisition
This year’s Tech30 enterprise tech startup Worxogo has raised Rs 16.5 crore in funding led by Inventus India and Ideaspring Capital. It is a platform that offers a personal cognitive AI coach to employees for improved and sustainable business impact. The AI engine, Mia is a personal coach that helps employees improve their productivity through actionable advice using principles of behavioural science and neuroeconomics. Read on to know why Naganad Doraswamy of Ideaspring Capital decided to bet on Worxogo.
Infosys bags large deals worth $2 B in second quarter of FY19
Infosys, India’s second largest IT services exporter reported a net profit of $581 million for the second quarter of 2018-19 fiscal, recording a quarter-on-quarter growth of 8.8 percent. The IT major’s future prospects looked bright as it has signed large deals worth $2 billion during the quarter. The revenue during the second quarter of the fiscal stood at $2.92 billion, which was quarter-on-quarter growth of 3.2 percent.
Foodpanda acquires Holachef to enter the cloud kitchen business
Foodpanda, the online food delivery platform acquired by cab-aggregator Ola in December 2017, announced today that it had acquired Mumbai-based internet restaurant Holachef. The acquisition marks Foodpanda's entry into the cloud kitchen space and is believed to be part of its plans to launch its own brand of food products.
As part of the acquisition, Foodpanda will take over Holachef’s business, including its kitchens, equipment, and also bring onboard the company’s employees. Holachef’s founders are also set to join Foodpanda’s leadership team.
Hyperlocal startup DailyNinja acquires WakeupBasket
Bengaluru-based hyperlocal, subscription-based delivery startup DailyNinja has acquired Hyderabad-based WakeupBasket for an undisclosed amount in a part cash and part equity deal. This development comes after Sequoia-backed DailyNinja secured two consecutive rounds of funding by Saama Capital, followed by Matrix Partners, and will help the company strengthen its presence in Hyderabad. DailyNinja delivers milk, fresh vegetables and fruits, a space WakeupBasket operates in, giving the former a benefit of scale post-acquisition.
Amazon likely to buy 7-8pc stake in Future Retail: media reports
Amazon is likely to buy a 7 - 8 percent stake in India’s Future Retail Ltd, through an investment arm, CNBC-TV 18 reported, quoting sources. The shares of Future Retail touched a high of Rs 503.50, a 16 percent jump from its previous close, after news channels reported the deal. The potential cash-and-stock deal, which is in its final stages, could be worth $338 million, and is likely to be signed in the next two weeks. Currently, the promoters hold around 46.5 percent stake in the company.